G20 Commerce & Funding Working Group Visits the Bharat Diamond Bourse, the Diamond Centre of the World

G20 Commerce & Funding Working Group Visits the Bharat Diamond Bourse, the Diamond Centre of the World

G20 Delegation briefed about contribution of Indian diamond trade to the worldwide economic system and alternatives the trade presents

Construct a brighter future collectively as a part of the G20’s One Earth, One Household, One Future mandate: GJEPC Chairperson to G20 Delegates

The Indian diamond trade hosted the Delegates of the G20 Commerce & Funding Working Group (TIWG) on the Bharat Diamond Bourse (BDB) in the present day. The Bharat Diamond Bourse, is the most important diamond bourse on this planet that homes greater than 2500 workplaces, unfold over an space of 20 Acres / 0.87 Million sq. ft. land within the coronary heart of Mumbai.

The Indian diamond trade is the world chief in minimize & polished diamonds, exporting USD 23 billion yearly. 14 out of 15 diamonds set in jewelry worldwide are processed in India. India exports diamond and diamond studded jewelry to the whole world, together with the USA, Europe, the Center East, Asia and extra.

Beneath the in a position management of Ministry of Commerce & Business, the trade has grown leaps and bounds over the past a few years. At the moment with continued help, steering and pragmatic commerce pleasant insurance policies by the Authorities, India has attained management place in a number of gem and jewelry verticals globally. The gem & jewelry exports account a staggering 10% to total merchandise exports from the nation. It’s price noting that the trade consists of greater than 85% MSME gamers, additional highlighting its significance to the nation’s economic system.

The delegates got a tour of the world-class services inside Bharat Diamond Bourse premises, together with the workplaces of the Mumbai Diamond Retailers’ Affiliation (MDMA), India Diamond Buying and selling Centre (IDTC), the Gem & Jewelry Export Promotion Council (GJEPC), the Gemmological Institute of India (GII), the Treasured Cargo Customs Clearance Centre (PCCCC), in addition to the Safety Command and Management Centre. To achieve insights into the diamond commerce and operations, G20 delegates visited Mohit Diamond, Shree Ramkrishna Exports, Mahendra Brothers, Venus Jewel, Finestar Jewelry & Diamonds, Ankit Gems and Dharmanandan Diamonds.

Throughout their go to, the delegates had been knowledgeable concerning the important contribution made by the diamond trade in the direction of the nation’s economic system and employment era. The briefing highlighted the varied alternatives that the trade presents, not simply inside India but in addition globally. The Indian diamond trade is famend for its expert craftsmanship, cutting-edge expertise, and a robust ecosystem, making it a key participant within the world diamond trade. Via this go to, the G20 TIWG had the possibility to witness first-hand the diamond trade’s potential and the function it performs within the world economic system.

Talking on the event Shri Anoop Mehta, President, BDB, stated, “Bharat Diamond Bourse is proudly known as because the diamond centre of the world. The Bourse is a conglomeration of greater than 2500 diamond merchants together with among the largest. The Bourse is inclusive in nature, and as a lot because it caters to massive enterprise, the wants of the smallest diamond merchants are additionally taken care of. It’s main employment generator not solely in India, but in addition when diamonds get exported to numerous different nations.”

“The Indian diamond trade typically and BDB particularly has a wonderful custom of company social duty. Our CSR endeavours cowl virtually all of the fields of well being, schooling, wellness, sports activities, and philanthropy, provides Anoop Mehta

Throughout his welcome deal with, Shri Vipul Shah, Chairman, GJEPC, stated, “India, the “Jeweller to the world”, has a wealthy legacy of 5000 years of jewelry making. These abilities and experience have been handed down via generations and in the present day, our expert artisans are famend for his or her distinctive craftsmanship, beautiful designs and have garnered world recognition. India’s jewelry trade acts as a bridge between cultures, nations, and other people, and brings happiness and delight to thousands and thousands of shoppers around the globe.”

“The Indian gem and jewelry trade is a major contributor to the nation’s economic system, using 5 million folks and accounting for 10% of India’s whole Merchandise Exports. There are 390 districts recognized as G&J Clusters with over 1 million gem and jewelry manufacturing models. India has a thriving export sector, accounting for USD 40 billion yearly. The nation exports jewelry to nations all around the world, together with the USA, Europe, the Center East, Asia and lots of extra”, Mr. Vipul Shah added

Mr. Shah invited G20 delegates to discover the alternatives of doing enterprise with the Indian gem and jewelry trade and construct a brighter future collectively as a part of the G20’s One Earth, One Household, One Future mandate. “As a rustic, we’re able to work with our companions around the globe to additional develop this vibrant trade.” stated Mr. Shah.

The trade recognises that sustainability is a world crucial and therefore have been investing in new applied sciences and processes to scale back our carbon footprint and preserve assets. The trade focuses on selling moral practices and accountable sourcing, to make sure that it contributes to the well-being of their staff, communities, and the planet.

The gems and jewelry trade has a long-standing custom of partaking in philanthropic actions on a big scale. It has persistently demonstrated a dedication to social duty, supporting schooling and healthcare initiatives, and offering help throughout pure disasters. Many main jewelry corporations have arrange charitable foundations that target a variety of causes, together with ladies’s empowerment, baby welfare, and environmental conservation.

Particulars of Places of work Visited by the G20 Delegation

The Gem and Jewelry Export Promotion Council (GJEPC):

The Gem & Jewelry Export Promotion Council (GJEPC), arrange by the Ministry of Commerce, Authorities of India (GoI) in 1966, is one in every of a number of Export Promotion Councils (EPCs) launched by the Indian Authorities. The GJEPC is the apex physique of the gems & jewelry trade and in the present day represents 9000 members within the sector. With headquarters in Mumbai, GJEPC has Regional Places of work in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of that are main centres for the trade. Over the previous a long time, GJEPC has emerged as one of the lively EPCs and has repeatedly strived to each develop its attain and depth in its promotional actions in addition to widen and enhance companies to its members.

Mumbai Diamond Service provider Affiliation:

Established in 1906, the Mumbai Diamond Service provider Affiliation (MDMA) Shines like a Treasured Gem on this planet of Diamond Commerce Organizations. This venerable establishment is devoted to fostering Entrepreneurship and supporting its Members, who’re actually the Diamonds within the tough of the trade.

India Diamond Buying and selling Centre (IDTC):

The India Diamond Buying and selling Centre (IDTC) – Particular Notified Zone (SNZ) was inaugurated on twentieth December 2015. IDTC’s fixed endeavor is to provide the worldwide mining corporations an acceptable platform to show their items and assist them get a wider buyer base. This, in flip, advantages the economic system by growing exports and boosting GDP.

Gemmological Institute of India:

The Gemological Institute of India (GII) was established beneath the aegis of the Gem &Jewelry Exporters’ Affiliation, Mumbai. The institute is registered as a non-profit Public Charitable Belief. It’s the first Analysis & Improvement Laboratory within the area of Gem stones in India acknowledged by the Division of Science & Expertise, Authorities of India as SIRO. It’s a Nationwide Analysis Heart for Gem stones and Diamonds and has one of many world class Laboratory which is absolutely outfitted with essentially the most trendy and complex devices.

Treasured Cargo Customs Clearance Centre (Indian Customs):

Diamond Plaza Customs Clearance (DPCC began to operate from 1§85 at Opera Home. The identical facility was transferred to premises of Bharat Diamond Bourse, Bandra Kurla Complicated in 2010 and named as Treasured Cargo Customs Clearance Centre (PCCCC). 35 Customs Employees are deployed at PCCCC PCCCC offers with import and export of diamonds, treasured & semiprecious stones, pearls, jewelry made from gold or different treasured metals. Each day 600-700 Exports Parcels and 100-150 Import Parcels are processed by Customs. General, round 98% of Reduce and Polished Diamonds are Exported via PCCCC and had been made to 52 Nations. Main locations are United States of America, Hong Kong, United Arab Emirates, Israel and Belgium.

Safety Command & Management Centre (SC3)

A Safety Command and Management Centre (SCS) is a facility that’s designed to supply real-time monitoring and management of security-related actions. The principle purpose of an SC3 is to supply a centralized location the place safety personnel can monitor and reply to safety incidents shortly and effectively. It consists of varied safety techniques equivalent to Video Surveillance System, Entry management techniques, Alarm techniques, and Fireplace detection techniques.